CDL shares end 4.3% higher on strong H1 earnings, doubling of interim dividend

[SINGAPORE] Shares of property developer City Developments Ltd (CDL) jumped as much as 11.2 per cent or S$0.88 to S$8.74 at the opening bell on Thursday (Aug 13).

The group announced pre-trading that its results for the first half of the year ended Jun 30 trebled to S$301.6 million, from S$91.2 million in the year-ago period.

By 9.55 am, CDL shares were trading at S$8.51, S$0.65 or 8.3 per cent up. The counter eased to S$8.20 by market close, up 4.3 per cent or S$0.34, after 7.4 million securities valued at S$62.2 million changed hands.

The jump in net profit was driven by robust performance in its property development segment, notably full revenue and profit recognition from Lumina Grand, a 512-unit executive condominium in Bukit Batok, which obtained its temporary occupation permit in April.

In addition to Lumina Grand, the developer’s top-line performance was bolstered by maiden contributions from Newport Residences – which was launched in January and is 83 per cent sold – along with higher contributions from projects such as Norwood Grand and Union Square Residences.

In total, CDL and its joint-venture associates sold 352 residential units in Singapore worth S$892.2 million in H1 2026.

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Its revenue for the six months grew 61.1 per cent to S$2.72 billion, from S$1.69 billion in H1 FY2025.

The board declared a tax-exempt one-tier interim dividend of S$0.06 a share, double the S$0.03 a share declared in H1 FY2025.

Earnings per share rose to S$0.333, compared with S$0.097 the year before.